Downstream Stockpiling Efforts Are Limited, Bulls Reduce Positions, Lead Prices Maintain Support Below [Lead Futures Brief Review]

SMM Sept. 24:

The most-traded SHFE lead 2511 contract opened at 17,095 yuan/mt, touched a high of 17,110 yuan/mt in the morning session, then fluctuated downward. Downstream enterprises showed limited stockpiling enthusiasm ahead of the holiday, prompting bulls to reduce positions amid disappointment. In the afternoon, SHFE lead gave up some gains and finally closed at 17,065 yuan/mt, down 0.12%, marking a third consecutive decline, with open interest at 61,071 lots. As secondary lead smelters are expected to resume operations in early to mid-October, demand for raw materials is likely to provide some support to lead prices, and lead prices are expected to maintain a fluctuating trend in the short term.

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